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Bills share of marketable debt

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Bills share of marketable debt

What it is

Bills share of marketable debt — registry key bills_share_pct.

Treasury bills as a percent of total marketable debt - the front-loading-of-issuance read. long-end supply-stress carrier, Phase 3A of improvements/long-end-stress.md; scoring deferred to a pre-registered study.

Data-pyramid tier

T0 — Raw input. This metric sits at the raw input layer of the platform’s six-tier data pyramid (T0 raw inputs → T5 actionable read). The tier reflects how far the value is from a raw measurement — not how strongly it is validated. Abstraction and validation are separate axes: a higher tier is not a claim of stronger evidence.

Horizon & validation

No validated skill horizon is on file for this metric — read it as context / a data carrier, not a validated edge. Stamps are added only when a gated research verdict lands.

Source

Source module: treasury_fiscal
Data source: back_fillable

Fetched directly from app/sources/treasury_fiscal.py; see source code for the upstream API call and any provider-specific handling.

How it’s computed

Latest fd_bills_share_pct from macro_series: MSPD Table 1 Bills total_mil_amt / Total Marketable total_mil_amt * 100 (Total Marketable is a security_type_desc row). See app/sources/treasury_fiscal.py:parse_mspd_table_1.

Where it surfaces

Health-score / alignment role

Data carrier — no implication, no health-score contribution.

Persisted for downstream consumers (sparklines, base-rate matcher, calibration substrate) but does not classify into BULLISH / NEUTRAL / BEARISH and does not contribute to the 0-100 health score.

Release cadence

US Treasury MSPD, monthly around the 5th business day.

See also